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previously served as citigroup of europe. the changes come one day after citi's earnings beat expectation in a conference call which, of course, jim said absolutely nothing about this. >> no. this was the first quarter that was the break out quarter for international. first time that i felt that the company had put a lot of its problems behind it. best knit interest margin. we only had a couple of banks report. people are trying to present this this was logical, this was in the works. this was the least logical, least in the works. corbat terrific. he ran holdings. 48 hours did we know this? i don't know. i got to tell you that the people that i talked to at citi, to say not in the works is being underplayed. >> there's shock at least among a handful of people who i talk to regularly at senior who are senior but no way aware of this. they are shocked. they heard it about an hour prior to the announcement being put out there. and, you know, it seems as though we don't know at this point, although we listen eed t andrew ross sorkin's report right now. there was some contention between board
of the month when traders prays their portfolios. meantime, new york city mayor is set to hold a news conference on sandy 45 minutes from now. we will go to that conference once the mayor begins his remarks. we'll hear from a number of ceos about how sandy has impacted their businesses. the heads of hartford financial and landry is among the top executives who will be joining us over the last few hours. how equity index futures are trading. will cease trading in 15 minutes time. the dow and nasdaq pointing d n down. as for europe, the action dominated by deutsche bank and bp. we do see green arrows across the board with a 1% gain in germany. >> at least 16 deaths blamed on sandy as the storm continues to wreak havoc on the northeast with new york and new jersey dechaired major disasters. overnight more than 200 patients have been evacuated from two nyu langone hospitals after backup power failed. millions on the east coast awoke without power or mass transit. an estimated 7.8 million are believed to be without power and experts say it could be several days before it is restored. mass
generator moving on power. not every bank has every office open today. tough to get around the city right now. >> tough to get around the city. tough to get employees for many of these banks to where they need to be. a number of them -- many of them are working remotely. as you say, everybody is trying to be fully open for business. i have made a handful of calls this morning. it has been a mixed bag in terms of getting people out to offices given there is no mass transit in new york city which is really -- the fact that subways don't work is a stunning thing in this city. it's hard to make new york work without the subways. >> it's not even if people are in their offices. phone service is patchy when it comes to land lines and cell phones and there are some entire buildings, citigroup has a building at 111 wall, 1,800 employees there, they can't get into that building for weeks. >> look at this. this is context in which we're operating. this is cover of "the washington post." this is new york's katrina. obviously the death toll compared to that storm nowhere near approaching it but still
park city. thanks. we're displaced and what we're seeing in scott's shot is a big reason for it. >> it makes a lot of sense for everyone to clear out because -- don't need me to tell you which way the wind blows but it's clear that it makes sense to close. i remember in 1985. i had gone to goldman that morning. young guy working at goldman. we thought the stock market was going to open. looked like it would open. there was trading and next thing you know i was playing cards. >> the question is if you were just to close the physical trading floor but keep electronic trading open, how robust would volumes be and how wimpy would markets be and disservice to investors if you maintain that market open. >> there's a big emphasis on market stability right now and of course on liquidity and volatility as well. there was a real issue out there that with not much participants in the market with main trading floor closed, people having trouble getting in and then people having trouble getting out, what's the risk/reward ratio and risk got higher as people were unable to get in. let's bring
. >> on earnings and revenues sending citi shares higher. u.s. mortgage business and lending mexico helped boost results. >> microsoft's back in the music business unveiling a service that could compete with the likes of pandora and itunes. we have an exclusive with the head of their interactive entertainment straight ahead. softbank to buy 70% of sprint for $20 billion marking the largest ever foreign acquisition by a japanese company bringing together the third biggest mobile carriers of japan and the united states. it was said, i'm a man and every man wants to be number one, not number two or number three. masayoshi son. >> audacious two. one assumes he is rational as well. usually only rational people have that access to -- >> godzilla-like approach and looked like mothra. >> you know, it is a large deal. no way around that and, of course, somewhat complex try to break it down for you if you're a sprint shareholder you'll have the opportunity to ee will exto get either 730 in cash and/or own 30% of newco, new sprint and it will probably end up splitting 55/45. for 55% of your holdings so 730
. >> sorry. >> go ahead. >> that was pointed out by the citi note that underwriters are much tighter these days. so the risk is we have all the starts and the home builders are doing well but they will reach the point where the buyers can't get the credit they need and demand is gone. >> that's why when the toll brothers made it, they were in the process. it is one of those things, why aren't more people using the money and bernanke -- go buy a house, chairman. chairman bernanke, go buy an apartment for rental. what you'll see is unless you pay in cash or cut out the banks entirely and that hurts the rate of return, unless you're paying crash you'll tie yourself up for a really long time. evil gains are feeding into things. i do need to modulate here in the risk of the parts of corporations and the banks doing a 180. this is trauma from the financial corporation, which is okay. you want them to have some memory of it. >> i'm not a libertarian, okay? i believe in the law. i am not someone who says, we have to slash the regulations. i'm just saying, you know, the impotence is to not --
surrounding the surprising ouster of vickram pandit. revelation owes what city insiders knew, coming up. >>> it was a break even quarter compared to analyst estimates. we're looking for a seven cents a share loss. revenue, a bit short of consensus. ceo brian moynihan pointing to several positive trends, including an increase in deposits, mortgage originalation and small business lending. as well, kayla, i know you were on the reporter calls. the analyst calls beginning shortly, i guess. >> it began at 8:30. i think there's still unprepared remarks, as well. it was interesting to see the stock up, even if it was just slightly in the premarket because on the face of it, the numbers aren't great. but there's two things at play here. one is the fact that in the third quarter, we saw bank of america settle some legacy litigation regarding merrill lynch and what it told shareholders about the quality of merrill lirn assets when it bought that company. i think investors were really excited to see that actually just get out of the way. bank of america actually came out in front of its own earni
my chances with the company. >> let's move on and talk citi. back in the spotlight this morning. sources telling "the new york times" bank's chairman michael o'neill was working behind the scenes for months and that pandit was summoned to a meeting telling him the board lost confidence in you. pandit then resigned immediately. >> it made it difficult from what i understand in terms of the relationship with the board, which was quite testy. we knew that day when it was announced something was awry. we reported quickly he had been forced out. i used the word fired. that's clearly the case. been waiting for a story like this to give us more. i've been doing reporting on this and having conversations but this is a nice story by the "times" in giving us that time line. we wondered when o'neill came in and i heard this antidotedly that he wanted this job. it has been said to me that this guy is running citi right now. that would seem to be the case from the reporting that's been done from the "times" in terms of the process he took to get board members over to his side to force out pa
company. there are many tier one cities that clearwire was trying to blanket. there's tier two and tier three cities, and the footprint could never be built out. it costs billions and billions of dollars to blanket the country. it doesn't cost much to be able to be in the big cities. no one can compete against verizon wireless and at&t and be able to have enough transponders and enough towers and just a gigantic amount of money. clearwire could never be in that race. sprint couldn't be in that race. sprint was falling short in this next generation. once again, we saw that at&t and verizon were pulling away so quickly, that even though sprint had very, very good performance, sprint had the iphone, sprint could not deliver through this country. >> no. i mean, listen, you see it in the numbers from verizon this morning. the old wire line business not so great, but wireless for verizon, i mean, they added 1.5 million post paid subscribers, jim. 220,000 prepaid. those are big, big numbers. its average revenue per account as opposed to average revenue peruser, it grew 6.5%. big numbers out of
't seem to matter. >> melissa mentions the citi call, the mcdonald's call, the marriott call. these analysts are -- it's not that they're down on the stock all of a sudden. it's that they're reweighing the risk/reward, we keep seeing that, the balance of risk/reward. >> it's what we started with. they can't come out and say, stick with marriott or stick with microsoft because the fed is easing. they have to deal with what i used to call because i was an art history guy in college, the four walls of the canvas. and they can't go outside of it. they're more rembrandt than they are cessa. >> i'm making i'm sure in the right century. >> good. >> they're not polak necessarily. >> they're saying, what the heck is going on with the earnings? this must have been what it was like to be a realist painter at the time. >> what are you guys doing? >> yeah. like, that's not a painting. and now it's going for $150 million. >> the realist guys are worth like $5 million. that's what the analysts are like. they're realists in a time when the impressionist fires have taken over. it's a spots an
was a lot of chinese cities that had these aggressive and ambitious spending, stimulus plans to rebuild the cities might have trouble running into funding for these projects. >> i think a lot of the data that we see today is catch-up. there's just not a lot of good news out there. the brightest spot in the economy is the united states. i think it was controversial last week. we got an unemployment number suddenly that was a grand conspiracy. i didn't see it that way because perhaps i'm not a black helicopter guy. but i do think that other than the united states, there's not a lot of momentum. and china and europe can pull the world down. you see today the world being pulled down. china is not doing much to help its situation. i think the estimates for china at 7 are wrong. it should be 5.6. >> change in power coming up in china. typically there is inaction on the part of the government in terms of huge programs where it be stimulus or not. many expect you may not get something substantive still march. there's also a great deal concern about the financial system. you hear it a lot. we al
last night in new york city. john harwood joins us from our nation's capital. were you at the dinner last night? >> i was not, i have was catching up on some sleep after long nights for the debates. we have a litting serious and b a little funny in the race for president. we're talking iowa and wisconsin. in iowa, president obama leads 51 to 43, that's a significant lead, and in wisconsin, the president leads by sixth. republicans have been hoping to make inroads, and it underscores some of the divide between national polls showing mitt romney doing much better, but in the electoral bottle grounds, we're talking about the eight or nine states that obama carried, romney has work to do, but last night, they were both doing stand up comedy. this is a traditional event that both candidates come to, both of them brought their humor. >> he knows how to seize the moment. >> the unemployment rate is at the lowest level since i took office, i don't have a joke here, i just thought it would be useful to remind everybody. >> as president obama surveys the waldorf banquet room. so little time, s
but it will be a tough decision for the board. >> yeah, 23 looks pretty good when your stock is at 13. >> circuit city, wow -- >> so many examples. >> right? >>> let's move on to apple. mass production of a new tablet computer smaller than the current ipad, sources telling dow jones will have a 7.5 inch liquid display. the current ipad, by the way, measures at 9.7 inches. it's a measurement that has not changed since the original ipad. there have been some new rumors about this thing. >> right. >> invitations will be sent out october 10th so it can hit the store shelves. fact of the matter is that competitors with the smaller tablets have been out on the market. when apple comes in, does it not matter what others exist? >> if approximawe can get off t gate, anything to not focus on google maps and the charts are holding up apple. you get the conversation away from google maps, the tstock ma actually have lift. you have to get it away from that. because right now people are saying, let me get into that samsung line. it's the greatest -- >> and then a difficult story to read, nokia apparently considerin
in the city. we'll bring in carolyn roth joining us live from athens with the latest. talk about putting daniel in the lion's den. >> oh, yeah, the violence has flared up again over the last two or three hours. ms. merkle is a figure of hate for many greeks here who blame her for the many rounds of spending cuts. and you can hear it out there, the crowd is just gathering towards the center of the square. there's a lot of chanting, stone grenades being fired off, and you can smell tear gas everywhere. the protesters have hurled stones and water bottles at the police. and they have reacted by firing the tear gas. now they are trying to disperse the crowd here. i want to say for the most part up until maybe an hour ago the protests were fairly peaceful. we saw a clash and small skirmish on the outside fringes of the square, but again the violence has definitely picked up in just over the last 60 minutes. i just want to remind you that the two leaders held a press conference inside about a half hour ago. and ms. merkle once again addressed her support for the debt-stricken country and said,
taking a 128-point hit yesterday. this morning an upbeat call interest citi group. the firm upgrading u.s. equities to overweight citing a combination of strong earnings momentum an easier central bank policy by the end of 2013, jim, they are projecting 16.15, which would be a gain of 12%. >> 24 hours ago, presprint of course, people had had given up on equities. the death of equities story came back again. it was amazing. you had a couple bad days, two of the worst days back-to-back since july 23rd, 24th. everyone wants to short everything. good luck to you. this is a fluid market. turn to alcoa as a way to look at it. alcoa says 2012 slowing down, china going to put on the jets 2013. everybody focuses on 2012. 2013 not in the ballpark. this is an exciting take again. you have deals, people saying don't give up on 2013. vice presidential debate tonight. fiscal cliff. the gulf between the bulls and bears, very big. >> that makes for what? volatility? >> i think so. i think it makes for every single earnings report being a volcker name. >> with that huge gap in between the bulls and bear
, circuit city. i remember when sharp was running circuit city. when i shop at best buy now, it is absolutely true, you call them, you deal with them and you just say wow, i would rather have amazon deliver the product to my house. >> there's also linens and things, bed, bath and beyond is now the best retailer. how does bby in everything that's kmod advertised. i wonder if there's room for any kind of return. >> bed bath, the stock was down hideously. it's taking out the millennium day. i have a bed bath that's very close to me. it's the first one, they're a jersey company, and i keep trying to price what amazon has, this is an impulse place, it does a lot of couponing. jc penny moves away from coup couponing. i do think that best buy in the end makes easily checkable products. what is that samsung? what number did you have on that tv? and then i go to amazon, i go to best buy. i price compare. i had the misfortune of trying to buy 60 inch best buy tv. i not that long ago, i wanted to do it on the phone. the card says jim cramer. why would i try to scam myself. am i trying
? >> thank you, david. i'm a little hungry this morning. it's dunkin brands. citi says they see them tracking above consensus. consensus is 2%. citi thinks they're looking up 3%. as a result, shares are higher, carl. back to you. >> thanks so much. let's take a quick check of the markets. the dow sitting near its highest levels in almost five years since december 2007 on the back of that strong jobs number, perhaps. s&p not quite at an intraday high for the year and 1469 and got to get to 1474.51 to set a new interview intra day high for 2012. when we come back, more pain at the pump and up next we'll find out yet perfect storm will be brewing in california. a state that refines its own gasoline and why stations are closing their doors. that's next. if we want to improve our schools... ...what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ...nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this
it means the government travellers will have to stay farther out of the city center because they won't find rooms available at the rates they're authorized to play, but that will vary market by market. i think ultimately the business and the vacationers will drive the rates in the next year. we talk about 5% to 7% next year, which is a pretty bullish number. >> as far as the headlines are concerned, you beat by four cents. is it fair to say that actually that's not due to demand and pricing. it's more to do with the fact that you've cut costs by $23 million more than you expected is and you brought more than expected which flants your eps figure. >> yes. i think the earnings report we reported today compared to what people were expecting was mortgagely driven by unusual or one-time items, admin costs, those sorts of things. our same-store sales numbers were less than expected an our fees were more or less than what was expected. so that's a fair comment. we posted really good growth, so we feel good about that. >> in the meantime you're also maintained your midpoint. you are tightening the
lauren broke up with me, i went to the citi private pass page and decided to be...not boring. that's how i met marilyn... giada... really good. yes! [ jack ] ...and alicia. ♪ this girl is on fire [ male announcer ] use any citi® card to get the benefits of private pass. more concerts. more events. more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with a citi card. [ crowd cheering, mouse clicks ] >>> on a down day, the hard drive makers are the biggest losers. western digital reporting a first quarter bead. weak pricing and delays because of windows 8. you can see today it gets a sell rating over at capital iq on the back of those earnings. and seagate technologies reports next week, and it's suffering clit ral damage there. >> thanks a lot, bertha. today's selloff started overseas, and now there's only a few moments left in europe's trading day. going to be interesting to see how it affects us here in the u.s. >>> simon hobbs, art cashin made the point earlier on, if you need to sell, sometimes you go where the market is still open. >> interesting.
. information on visa. a succession plan. citi may want to learn from them. this is way you do do. charlie sharp will become ceo to succeed joseph saunders. that will be effective november 1st. that is very quick. former director of visa and mr. saunders served the company ceo since 2007 continuing as executive chairman. it's a huge company with an enormous market value. we don't talk about it very often. >> it is a winner. a.m. lot of banks owned it. it's a community bank. >> $110 billion market value. >> we have buffett saying the right things. our network has tremendous power. don't even credit ourselves because there's humility. who was that company that disappointed yesterday? it was -- was it dow? no. doing better than expected. it was guys in wilmington and not the credit card company. that's what happens in this market. the memory is not long. china was good last night. i got up for china. went back to bed. it's good. i can sleep. >> you can't be an investor in the memory isn't long. think about facebook. quarter to quarter of the changes that you are seeing or what you get from one mome
of the strength and operating profit, up 22%, much more than six. >> tier seven cities the size of philadelphia, tier one, two, three, i love the tier one, tier two, tier three. >> costco. >> $1.39, beats $1.31, same-store sales up six, x fuel, where you made your money from 1981? >> yes. they were furious i didn't -- i haven't upgraded executive. it is my bad. i've been time constrained. >> a lot of discussion about how expense self they are relative to a walmart or a target, is valuation the main theme here? >> well, the stock is expensive priced for perfection. they deliver perfection, carl, as you know, it was perfection, a lot of people thought that post jim senegal they couldn't deliver, remarkable and not losing as much money on the big screen tvs as i thought. the 60 incher was under $2000 by best buy but you have an insulation problem and it's heavy and i need some guys. >> walmart years ago gave up giving us same-store sales. target is going to do that but costco still does, not worried about it at all and people say it's because everybody's so short term focus, we don't want them to
to overweight. so why is citi so confident? joining us on the set, tobias, good morning. >> good morning, how are you? >> i'm actually slightly confused. spent much of the morning poring over this research. cnbc producers go swinging in all directions with excitement. you sat here, one month ago today, the 12th of september, and you said to us that your year-end target for next year was 1615 on the s&p. so a look at this thundering new vote. now you've upgraded u.s. secretaries equities 1615. the target is the same. i don't understand. what's going on? is this about downgrading japan? >> i think part of it is about downgrading japan. part is the earning revision momentum, changes around the globe, where the u.s. was where everybody else was, if you went back a few weeks ago. as everybody was downgrading earnings trends. and now the u.s. has kind of started to separate from what we're seeing around the world. and that does make sense to some degree. >> but to be clear, your view on this market is constant and other things are falling away beside you. >> to some degree, that's true. yes. the gl
in the strain because the relative underperformance is costing the other side. the tale of two cities, it's the worst thing that could happen when active managers try to closet index. >> you try to skate to where the puck is going. that's how you're successful in investing and closet indexing as we pointed out that day, the closet index that all essentially got market weighting positions in apple. look at what happened last week in google. same thing, if you look at the mutual funds, the guy who tracked looked at it. google was the same thing. market weighted. why do you need to know about this? because when you get the closet index owning essentially the market weighting, where is the incremental buying coming from? you saw that in apple and google. he mentions to me, the gentleman who tracks this stuff, he says this is where the puck is going. take a look, we put a list together about where the closet indexes who are essentially trying to track certain indexes are underweight. china, financials, indonesia, bhp and select energy names. this is how when you track the closet indexes, you'r
Search Results 0 to 22 of about 23